NAIJA NEWS
The Nigerian Senate has launched an investigation into the alleged careless spending of N30 trillion by the previous government under President Muhammadu Buhari.
This scrutiny targets the issuance of overdrafts during the tenure of former Central Bank Governor Godwin Emefiele, blamed for exacerbating current food and security challenges.
An ad hoc committee has been formed to probe the utilization of these funds, particularly focusing on the Anchor Borrowers Scheme, a $2.4 billion foreign exchange transaction, and other intervention programs.
The Senate’s decision follows discussions fueled by accusations and counter-accusations among senators regarding the approval of N22.7 trillion in Ways and Means by the 9th Senate in May 2023, along with an additional N7.2 trillion by the 10th Senate on December 30, 2023.
